Summary of this article
Emmvee Photovoltaic IPO will open on November 11
Emmvee Photovoltaic IPO GMP is Rs 20 per share on November 9
Emmvee Photovoltaic Power seeks to raise Rs 2,900 crore via its IPO
Emmvee Photovoltaic IPO (Emmvee Photovoltaic Power Ltd) is scheduled to open for subscription on November 11. The photovoltaic module maker’s public issue will close for subscription on November 13.
Here’s a look at some of the key details of the company’s peers, financials, strengths and risks before you consider applying for the public issue:
Emmvee Photovoltaic IPO GMP
Emmvee Photovoltaic IPO GMP is Rs 20 per share on November 9 according to multiple websites which monitor the movement of unlisted shares on the grey market. Based on the premium, shares of the solar module maker can list at Rs 237 apiece with potential listing gains of 9.22 per cent.
Emmvee Photovoltaic IPO: Offer Size, Listing Date, Price Band
Emmvee Photovoltaic IPO offer size aggregates to Rs 2,900 crore. The solar module manufacturer’s public issue comprises a fresh issue of 98.8 million shares aggregating to Rs 2,143.86 crore and an offer for sale of 34.8 million shares aggregating to Rs 756.14 crore.
Emmvee Photovoltaic IPO price band has been fixed at Rs 206 to Rs 217 per share. The minimum lot size to apply for Emmvee Photovoltaic IPO for retail investors has been set at 1 lot consisting of 69 shares aggregating to a minimum investment of Rs 14,973.
The basis of allotment for Emmvee Photovoltaic IPO is expected to be determined on November 14. Once the share allotment status of Emmvee Photovoltaic IPO is decided, successful bidders will receive shares of Emmvee Photovoltaic in their demat accounts on November 17. Emmvee Photovoltaic shares are slated to list on the BSE and NSE. Emmvee Photovoltaic IPO listing date is November 18.
Emmvee Photovoltaic: Key Financials
Emmvee Photovoltaic Ltd’s total income for the June quarter of FY25 stood at Rs 1,042.22 crore, the company’s profit-after-tax stood at Rs 187.68 crore and the company’s net worth stood at Rs 718.79 crore.
Emmvee Photovoltaic’s total income surged by over 147 per cent to Rs 2360.33 crore in the financial year ended March 31, 2025 compared to Rs 954.44 crore in the preceding fiscal. The company’s profit-after-tax for FY 2024-25 stood at Rs 369.01 crore increasing by 1176 per cent compared to a net profit of Rs 28.9 crore. The net worth of the solar module maker stood at Rs 531.41crore in FY25 increasing by over 226 per cent compared to Rs 162.77 crore in the preceding fiscal.
Emmvee Photovoltaic: Business Model
Emmvee Photovoltaic is a solar module designer, manufacturer, and retailer of solar cells. The company’s product portfolio consists of bifacial and mono-facial formats of TOPCon modules and cells, and bifacial and mono-facial formats of mono passivated emitter and rear contact (Mono PERC) modules. The company also undertakes Engineering, Procurement, and Construction (EPC) services for solar power projects. The company functions primarily through a B2B and B2G model, supplying its products and services to a diverse customer base in India and internationally.
Emmvee Photovoltaic: Competitors
The company’s key competitors include module manufacturers such as Waaree Energies Ltd, Vikram Solar Ltd, Premier Energies Ltd, Rayzon Solar Ltd, Saatvik Green Energy Ltd, Goldi Solar and Websol Energy System Ltd. The company also competes with Indian solar cell manufacturers such as Renew Power, Tata Power and Adani Solar, as well as from various solar cell and solar PV module manufacturers from China and Southeast Asia.
Emmvee Photovoltaic IPO: Should You Apply?
Before you consider applying for Emmvee Photovoltaic IPO, it is important to know these key risks related to the public issue:
Emmvee Photovoltaic mentioned in its Red Herring Prospectus that its business relies heavily on certain key customers and its top 10 customers contributed 93.96 per cent, 89.52 per cent, 84.98 per cent, 85.82 per cent and 80.53 per cent of its revenue from operations in the three months ended June 30, 2025 and 2024 and in Fiscals 2025, 2024 and 2023, respectively. The company added that the loss of any of these customers could negatively affect its business.
The company’s business is dependent on the success of a limited number of products and reduction in demand for these products may adversely affect the company’s revenues, financial condition and cash flows.
Emmvee Photovoltaic said that the success of its business is dependent on a number of products and reduction in demand for these products may adversely affect the company’s revenues, financial condition and cash flows.
Here’s a look at some of the key strengths of Emmvee Photovoltaic according to the company’s RHP:
Emmvee Photovoltaic mentioned that it has an established solar cell production capacity of 2.94 GW as of June 30, 2025.
The company added that it is one of the first few manufacturers in India to adopt higher efficiency tunnel oxide passivated contact (TOPCon) technology to manufacture solar cells.
The company claimed that its diversified customer base has translated into a substantial order book, which was 4.89 GW as of March 31, 2025 and 5.36 GW as of June 30, 2025.
Emmvee Photovoltaic IPO: Objective
Emmvee Photovoltaic Power Ltd plans to use the money raised via the public issue for repayment or prepayment of its outstanding borrowings and accrued interest. The proceeds will also be used for general corporate purposes.
